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Credit Record: A Summary of Payments

by chriscornell on Apr 18, 2011

A credit card bureau maintains credit records of an individual. These records are put forwarded to the bureau by the lenders or the bank. Then this is used to form credit information reports by which the lenders can calculate the accuracy of an individual’s payments and decide the approval of loan to that individual.
The personal information needed for this are individual information like name, date of birth, address, PAN number or any other identification numbers like passport number and telephone number. The other details like account information and details of loan taken (home, auto, personal, overdraft, etc), the amount and duration of the loan, the current outstanding balance, the overdue amount, the days of payment overdue, and so on are also collected and documented.
When a loan applicant fills out these details in the form for credit from a bank or from a Credit Card company, the information is put forwarded to a credit bureau to match the name, address and...Read More >>



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